What To Expect When Filling Out a Liability Application for Contractors

Contractors professional liability insurance could prove to be a crucial part of your business operations, but the application process can seem daunting at first. There’s typically lots of information involved, but being organized can make a huge difference. Here’s what you can expect when filling out a contractors professional liability application.

The basics include the applicant name, the website for the company, and other details about the company’s history, like when it was established and the type of structure it has. You may also have to list your employees and their specializations.

Once the basic information is down, you may move into the details of the company’s revenue, including projects you didn’t complete. You may then have to break your revenues down into percent by service.

After the revenue, there may be space for pollution exposure, which can be important to fill out if this is an area of concern for your coverage. This may be followed by transportation and vehicle details.

You will also likely have to list your clients and specific projects, as well as the revenue from each. The application may ask that you point out your biggest projects. From there, you may have to answer specifics about your business operations, risk management steps and liability concerns.

If you have any other questions, the insurance agent should be more than willing to assist you with your contractors professional liability application so that you can quickly get the coverage you need.

Miscellaneous Professional Liability Insurance Needs

Doctors and lawyers are at the forefront of those providing professional services. This extends to travel agents, real estate brokers, and accountants. Unfortunately errors and omissions in work performed can lead to litigation. A Certified Public Accountant (CPA) might be guilty of making an error that leads to a client being subjected to an audit. Any resulting litigation requires professional liability insurance, available through us risk underwriters, to help pay the costs for defense.

Any client open to such exposures will obviously benefit from having this coverage in place. Errors happen all the time, but some are more costly than others. If the issue can be rectified to the customer’s satisfaction, by filing an amended tax return to resolve the issue, that is a favorable outcome. But some problems can’t be so easily rectified. The customer may determine that their only recourse will be to sue your client for negligence. If this is the case, any acknowledgment of malpractice can certainly damage a good reputation, in addition to any serious financial damages that may be incurred.

CPA’s also have an ethical obligation

A tax preparer should be able to recognize that a mistake has been made, but in many instances they may be working on several documents at the same time. If a mistake is discovered too late, calling the client and bringing this to their attention is the proper thing to do. Accountants tend to be meticulous and take great care in their work, but some errors could result in a disgruntled customer taking legal action that may cost thousands of dollars to defend.

Hopefully the client understands that the intention was to do everything possible in their best interest, and to try to remedy the situation when things go awry. In some cases, however, the mistake may result in the IRS issuing penalties requiring necessary payments or adjustments.

CPAs and other preparers have an ethical duty with respect to any errors and omissions resulting from the work they submit. Because of the potential for malpractice damages and exposure requiring a legal defense as a result of a mistake having been made, professional liability insurance from us risk underwriters will aid your clients when they end up making costly errors on tax preparations.

Protect Your Company From Fiduciary Claims

When your business hires employees, you take on a fiduciary duty to the people you employ. In the context of the business world, a company’s fiduciary responsibility includes things like ensuring your firm’s retirement plans and employee benefit programs act in accordance with the law. Every company that’s been around for a while has their own fiduciary liability insurance claim examples, but it’s important to remember that regardless of how it happens, you don’t have to face the specter of legal action against your company by yourself. Fiduciary liability insurance exists to protect your company from lawsuits stemming from fiduciary violations, even if the violations are the result of a third-party, such as a plan administrator.

While many fiduciary liability insurance claim examples exist, breaches of this duty generally fall into four broad topics: poor advisement, pension rights, administrator inaction and missed calculations. Mistakes on the part of your company in any one of these or other fiduciary areas, even if it’s something as mundane as an improperly notarized form, can potentially lead to a lawsuit against you or your firm. Fiduciary liability insurance can provide you with the coverage your company needs to survive these lawsuits.

You’ve worked hard to get your business where it is today, so make sure you protect your firm against claims of fiduciary failure by consulting with an insurance specialist today.


What Does Environmental Risk Insurance Cover?

When you are looking for insurance plans for your bank, it is a good idea to do some research into bankers’ environmental risk insurance. This type of policy will protect banks and investors against the default of property loans due to environmental factors, such as pollution clean-up, which are difficult to predict. Finding the right agent can help you better understand this type of insurance as well as help you find the right coverage for your needs.

Having the right types of coverage for the risks that your bank and investors face can save everyone involved from bankruptcy after paying for the potential damages stemming from those risks. The more loans you provide for commercial or residential properties, and the more valuable those properties are, the higher risk you face. This means more insurance coverage and your agent can help you pinpoint the right level for your needs. Many times, your agent can also help you identify risks you hadn’t considered and help you find ways to reduce your risks across the board.

Bankers’ environmental risk insurance can help protect your bank and investors against damages resulting from a default on a property loan, particularly if the reason for default has to do with environmental issues such as pollution clean-up expenses. You can find these plans through experienced agents who can also help you understand and reduce your risks better.

Liquor Liability Laws to Protect Owners and Patrons

Make no doubt about it; if you sell or serve alcohol, you have a liquor liability exposure that must be addressed. Any damages as a result of the serving, sale or distribution of alcoholic beverages can be covered by liquor liability insurance. Your Needham Insurance Agent is highly qualified to help you determine the right amount of coverage for your business.

Businesses of all kinds can have a liquor liability exposure. Whether you own a liquor store, bar or restaurant, or host a party for employees, clients, and/or vendors, anytime that alcoholic beverages are dispensed and made available there is risk of litigation. You might be gifting alcoholic beverages to clients, vendors or employees at holidays or on special occasions, and could be deemed responsible for causing or contributing to the intoxication of another person and therefore be liable for any injuries or damages sustained.

Bar owners beware!

Running a bar can be difficult with so many people coming and going. If, for example, no one keeps track of a patron and he or she ends up drinking too much, this is a serious concern. Furnishing more alcohol to a person already under the influence of alcohol can result in heavy fines, especially if it results in death. Also, furnishing alcohol to a person under the drinking age, even if done by accident, could lose you your license and the ability to sell or serve alcohol, among other things.

A Commercial General Liability (CGL) insurance policy provides liquor liability coverage to most businesses. However, the CGL policy contains an exclusion that removes liquor liability coverage if you are in the business of making, distributing, selling or furnishing alcoholic beverages.

This means that restaurants, taverns, hotels, beer distributors, package stores, grocery stores and many other retail or service businesses that provide alcohol in the course of their primary operations needs to obtain a special liquor liability policy in order to maintain proper protection under the laws of the state.

Some liquor liability policies may have some important limitations or exclusions. In most cases there isn’t coverage for injury caused by the actual alcoholic beverage (such as alcohol poisoning) for over-consumption. Talk to a Needham Insurance Agent that specializes in liquor liability coverage and get the proper protection. Cheers!


Covering Your Insurance Agency for E and O

Whether you are just starting your agency or have been in business for decades, it is a good idea to research insurance agent E and O insurance to make sure that you are adequately covered. The industries your clients work in, the number of clients you have and even who the owner of your agency is can all influence the types of coverages you need.

The higher the risks your clients face, the more damages you could be held liable for. This means that you should be factoring those risks into your insurance coverage as well. Not only can this help you find the right coverage for your agency, it can also help you better identify and reduce the risks that your clients face, saving everyone money and hassle. The more research you do, the less you will end up paying for premiums and for damages.

Insurance agent E and O insurance can save your practice from bankruptcy if you are found liable for damages paid by your clients. This insurance will need to cover the risks you face, such as how many risks your clients face, as well as the damages amounts you are likely to encounter. The best way to find the right coverage is to look at the markets which offer it and compare individual plans and the companies which offer them.

Complete Coverage Business Insurance

A great way to cover your business is with Indiana BOP insurance. A BOP, which stands for business owner’s policy, is a comprehensive group of coverages that are tailored to fit your specific business industry needs. It does not generally include coverage such as employment practices liability, professional liability or workers’ compensation, though those coverages can be added into a BOP.

As mentioned, a BOP is not a one-size-fits-all type of policy. You can build it to fit your exact business needs to make sure all of your business’s assets are covered, no matter your particular niche. If your business has outside signage or specific equipment that is crucial to business operations, all of that can be included in your coverage.

A BOP also includes property insurance. Not only is the building itself covered, but the contents of the building as well as any personal items of people who are at your business are covered as well. Property insurance also includes business interruption insurance, which can make sure that your regular business expenses, such as utilities and payroll, can continue to be paid while repairs to the property are being carried out.

For your business in Indiana, BOP insurance can cover all the specific components that are unique to your business.

Coverage Concerns for PEOs

Professional employer organizations (PEOs) often employ thousands of people to contract out to different companies that need to address a particular set of services. They’re able to infuse a large number of employees to help owners lower the cost of health insurance and the unemployment taxes they have to pay. PEOs provide these services for a fee that is commonly based on a percentage of the company’s gross payroll.

Professional employer organizations can bring a lot of value to a company through increased payroll accuracy and lowered health and legal costs as well as in other areas that are quite significant, like lowered absenteeism and increased employee morale. By taking on these duties they also inherit the risks and exposures inherent in these types of responsibilities. Your clients that enlist these services will benefit from having peo insurance to address anything from employment practice liabilities (EPL), to errors and omissions (E&O) that may occur during the dispensing of their services.

Responsibility and liability issues

Then there is the question of who is the employer of record for the employees? Is it the client company, the PEO (or leasing firm), or both? Often there is co-employer liability, meaning the client company may still have liability even if its workers are considered employees of the PEO, so addressing the EPL coverage for the client company is extremely important. Many EPL policies include language to cover “leased employees” on the client company policy.

PEO and staffing firm policies should include full prior acts coverage, but it’s imperative to carefully review how liability from prior acts has been handled for employees before they became the responsibility of the PEO. For example, you may encounter prior acts coverage on one specific page of the policy, but it may only provide for acts of those employees while under the control of the PEO.

You must also consider how prior and former employees are handled, as well as their prior acts, and how your policy responds. Moving employees to a PEO/staffing firm may not cover prior acts and related exposures for client company employees that retired, quit or were terminated prior to the use of the PEO. Former employees may not be covered under the PEO/staffing policy, so dropping the client company policy often leaves a gap.

These are conditions and situations that should be carefully evaluated to ensure that your client’s peo insurance will provide them with coverage for any conditions that may arise.

The Basics of ERP Coverage

Errors, omissions, negligence and other forms of malpractice can occur in your business. When they do, you need a solid insurance policy that protects you from having to pay legal fees and any subsequent settlement out of pocket. Most E&O and malpractice policies only last for a year, though, and they don’t cover issues that arise outside the policy terms. That is why you need extended reporting period coverage, or tail coverage. What is tail coverage? It is a provision that extends the ability to report on an issue that occurred during the policy term.

Any claims that are made against services your company provided between your E&O policy’s retroactive date and expiration date can be covered under the tail coverage. This add-on allows you to extend your reporting period for a certain amount of time, whether it’s three years or up to ten. It is particularly useful if you are selling your company, retiring or just restructuring your insurance package. While it does not cover services that you provide outside of the associated policy’s time frame, it gives you more than the policy’s one year of protection. When you add an ERP provision to your policy, you can ease some of the concern about possible lawsuits clients might bring against your company.

What is tail coverage? It’s peace of mind.

Unique Entertainment Insurance Needs

It is true that there’s no business like show business, and that means that insurance for the entertainment industry looks different too. That is why it is crucial to have entertainment production insurance that is made to fit your specific needs.

What Does Entertainment Insurance Look Like?

It varies based upon the production and the needs of the company. Some production policies are annual, while others are short term, lasting only for the duration of the project. For companies that have more than one project going on simultaneously, an annual policy may be better because it covers all the productions at the same time, regardless of shooting schedules.

What Does Entertainment Insurance Cover?

Ideally, entertainment insurance covers all aspects of the production. That includes performers, crew, directors, equipment, locations, and of course, the producer. Needless to say, cost concerns are always a major consideration in any film production, so it is important to find comprehensive coverage that nevertheless will not push the film beyond its production budget.

Finding the right entertainment production insurance coverage for your particular project can be a tricky balancing act, but with the help of an experienced professional in the field of entertainment insurance, it can be accomplished, and you may even find everything about the process appealing.